Intel has announced that CEO Brian Krzanich has resigned from the company effective immediately.
CFO Robert Swan is now Intel’s interim chief executive officer. “Intel was recently informed that Mr. Krzanich had a past consensual relationship with an Intel employee,” the company said in a press release.
“An ongoing investigation by internal and external counsel has confirmed a violation of Intel’s non-fraternization policy, which applies to all managers.”
Krzanich’s immediate resignation was accepted to show “that all employees will respect Intel’s values and adhere to the company’s code of conduct,” according to Intel.
Intel’s board of directors has “a robust succession planning process in place and has begun a search for a permanent CEO, including both internal and external candidates.”
Krzanich was a decades-long Intel executive and had held the CEO position since May 2013. He first joined the company in 1982. Intel removed his biography from its website this morning.
CNBC reports the relationship that led to Krzanich’s ouster occurred “some time back,” but the company was only recently informed about it.
A subsequent investigation quickly led to today’s announcement and change in leadership.
Over the last year, Krzanich and Intel have faced scrutiny over their reaction to the Meltdown and Spectre security flaws.
The dire situation triggered a coordinated response in deploying patches and firmware fixes throughout the computing industry.
But some of the updates proved buggy. Last November, Krzanich sold off roughly $39 million worth of Intel shares — after the company had been informed of the far-reaching Spectre problem that led to suspicions of insider trading, which Intel denied.